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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.1x - 15.6x | 14.9x |
| Selected Fwd EBIT Multiple | 14.3x - 15.8x | 15.1x |
| Fair Value | €37.23 - €41.57 | €39.40 |
| Upside | 36.9% - 52.8% | 44.9% |
| Benchmarks | Ticker | Full Ticker |
| Automatic Data Processing, Inc. | ADP | NasdaqGS:ADP |
| ICF International, Inc. | ICFI | NasdaqGS:ICFI |
| Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
| Heidrick & Struggles International, Inc. | HSII | NasdaqGS:HSII |
| Insperity, Inc. | NSP | NYSE:NSP |
| Kforce Inc. | ROF | DB:ROF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADP | ICFI | BBSI | HSII | NSP | ROF | ||
| NasdaqGS:ADP | NasdaqGS:ICFI | NasdaqGS:BBSI | NasdaqGS:HSII | NYSE:NSP | DB:ROF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.1% | 10.4% | 3.4% | 2.4% | -8.9% | -1.8% | |
| 3Y CAGR | 12.1% | 12.5% | 10.8% | -12.5% | -12.3% | -13.2% | |
| Latest Twelve Months | 9.4% | 2.9% | 12.0% | -3.9% | -77.9% | -16.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.5% | 7.3% | 5.0% | 8.8% | 3.4% | 6.0% | |
| Prior Fiscal Year | 25.9% | 7.1% | 5.7% | 8.2% | 3.4% | 5.7% | |
| Latest Fiscal Year | 26.5% | 8.4% | 5.2% | 6.9% | 1.8% | 5.0% | |
| Latest Twelve Months | 26.5% | 8.3% | 5.2% | 6.8% | 0.7% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.09x | 1.21x | 0.96x | 0.55x | 0.30x | 0.48x | |
| EV / LTM EBITDA | 20.8x | 10.8x | 17.1x | 6.4x | 25.6x | 10.2x | |
| EV / LTM EBIT | 23.0x | 14.5x | 18.2x | 8.0x | 42.4x | 10.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.0x | 18.2x | 42.4x | ||||
| Historical EV / LTM EBIT | 9.2x | 13.8x | 15.4x | ||||
| Selected EV / LTM EBIT | 14.1x | 14.9x | 15.6x | ||||
| (x) LTM EBIT | 61 | 61 | 61 | ||||
| (=) Implied Enterprise Value | 859 | 904 | 949 | ||||
| (-) Non-shareholder Claims * | (84) | (84) | (84) | ||||
| (=) Equity Value | 775 | 820 | 866 | ||||
| (/) Shares Outstanding | 17.7 | 17.7 | 17.7 | ||||
| Implied Value Range | 43.85 | 46.41 | 48.97 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 37.67 | 39.86 | 42.06 | 27.20 | |||
| Upside / (Downside) | 38.5% | 46.6% | 54.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADP | ICFI | BBSI | HSII | NSP | ROF | |
| Enterprise Value | 125,270 | 2,388 | 1,146 | 633 | 1,994 | 644 | |
| (+) Cash & Short Term Investments | 7,808 | 7 | 90 | 400 | 456 | 2 | |
| (+) Investments & Other | 0 | 0 | 0 | 11 | 0 | 0 | |
| (-) Debt | (9,206) | (647) | (26) | (105) | (436) | (86) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 123,872 | 1,748 | 1,211 | 938 | 2,014 | 560 | |
| (/) Shares Outstanding | 405.1 | 18.4 | 25.7 | 20.7 | 37.7 | 17.7 | |
| Implied Stock Price | 305.81 | 94.84 | 47.15 | 45.24 | 53.47 | 31.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 305.81 | 94.84 | 47.15 | 45.24 | 53.47 | 27.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |